What does the US Stock Market Volatility Drivers (EMV) table measure?

It measures the causes behind United States equity market fluctuations by tracking newspaper articles that discuss stock market volatility and classifying them by their cited drivers, such as monetary policy, inflation, or macroeconomic news.

How often is this data published and how far back does it go?

The United States Equity Market Volatility tracker is published monthly and historical series extend back to the first year 1985.

What specific categories of drivers are available in the table?

The dataset organizes drivers into macroeconomic news, policy-related categories like fiscal policy, taxes, monetary policy, and regulatory policy, alongside dedicated branches for commodities, labor markets, and real estate.

How does this differ from the standard VIX index?

While the VIX indicates the overall intensity of market anxiety, the United States Equity Market Volatility tracker identifies the specific economic and policy drivers causing that volatility.

US Stock Market Volatility Drivers (EMV)

Name: US Stock Market Volatility Drivers (EMV)
Creator: Economic Policy Uncertainty (Baker, Bloom & Davis)
License: https://creativecommons.org/licenses/by/4.0/

US equity market volatility drivers and categories from Baker, Bloom and Davis.

Source: Economic Policy Uncertainty (Baker, Bloom & Davis)Last updated: Sep 21, 2026, 15:10Curated by Bui Thanh PhucAbout this data ↓

Indicator	08-2026	07-2026	06-2026	05-2026	04-2026	03-2026	02-2026	01-2026	12-2025	11-2025	10-2025	09-2025	08-2025	07-2025	06-2025	05-2025	04-2025	03-2025	02-2025	01-2025	12-2024	11-2024	10-2024	09-2024	08-2024	07-2024	06-2024	05-2024	04-2024	03-2024	02-2024	01-2024	12-2023	11-2023	10-2023	09-2023	08-2023
Stock Market Volatility (Total)12	20.55	21.15	20.65	27.11	20.68	24.76	31.04	28.51	27.63	23.79	22.17	22.33	29.56	32.68	23.3	36.29	69.08	47.04	27.97	20.35	19.51	19.48	20.09	22.13	19.7	20.32	18.1	14.81	17.95	21.22	17.12	19.3	17.59	18.77	16.61	19.57	17.28
Macroeconomic News and Outlook9	12.33	14.03	10.71	15.34	13.18	17.03	19.4	21.18	18.34	17.28	14.97	14.81	20.82	21.17	14.64	27.22	54.54	35.23	18.91	13.5	12.86	14.22	15.21	17.48	13.87	15.02	12.13	9.82	13.92	12.95	12.93	13.99	12.41	11.48	12.16	13.36	11.8
General Output Indicators	1.87	4.23	3.63	4.41	4.84	6.32	4.11	6.92	5.34	3.46	4.74	4	6.17	5.55	4.66	12.66	35.08	18.77	3.2	2.03	3.77	4.87	3.94	5.53	7.09	4.2	3.17	1.72	4.19	2.88	3.42	4.78	4.63	2.43	4.45	4.52	5.2
Inflation	7.84	7.88	4.97	6.73	5.84	9.83	8.22	11.2	10.68	5.69	6.44	7.52	8.74	8.22	5.33	11.18	28.66	18.35	7.99	4.62	6.43	7.21	5.82	10.62	8.98	6.63	5.78	5.46	7.21	5.57	5.71	6.55	6.3	4.64	5.82	7.53	6.46
Interest rate	4.86	3.65	2.87	1.89	2.67	5.97	6.85	9.16	4.18	6.1	3.98	5.41	8.23	5.96	4.66	6.12	13.47	7.17	2.13	4.07	4.88	6.82	4.51	8.85	7.72	6.41	5.6	5.3	7.05	4.85	5.52	7.61	5.74	7.07	6.85	8.09	7.02
Other Financial Indicators	0	0.19	0	0	0.67	0.7	0	0.2	0	0	0	0	0	0	0	0	0.86	1.05	0	0.55	0	0	0.56	0.22	0	0.66	0	0.31	0.17	0.54	0.57	0.53	0.56	0	0.34	0.75	0.28
Labor Market	2.99	4.42	5.16	5.04	5	4.74	8.67	8.35	7.2	8.54	5.87	9.17	10.28	7.81	6.88	11.82	18.39	15.82	6.39	5.92	3.99	5.45	6.01	7.52	8.35	4.2	4.48	3.9	4.7	5.21	5.33	5.84	6.3	2.87	4.62	4.14	3.51
Real estate Market	4.67	5.77	2.87	6.09	3.67	4.92	8.44	8.76	5.57	8.13	4.36	5.41	8.23	7.19	4.88	6.12	12.4	10.34	5.59	4.81	5.76	4.29	6.38	9.07	5.83	4.64	5.04	2.81	4.7	7.19	5.52	4.07	3.52	3.31	4.79	3.95	3.93
Trade	0	0	0	0.42	0	0.18	0.46	0.41	0	0.61	0	0	0	0	0	3.16	6.2	1.27	0	0	0	0.39	0.19	0	0	0	0	0	0.17	0	0	0	0	0	0	0	0
Investment and Business Sentiment	0	0	0	0	0	0	0.46	0	0	0	0	0	0.26	0	0	1.05	1.92	1.05	0	0.18	0	0.19	0	0	0.32	0	0	0	0	0	0	0.53	0	0	0	0.38	0
Consumer Spending and Sentiment	0.37	0.19	0.38	1.05	0.83	1.58	1.83	1.63	3.48	1.42	1.33	1.65	2.06	1.44	1.55	4.22	7.06	9.49	1.6	0.55	0	0.97	0.94	2.66	2.36	0.44	0.37	1.09	1.34	1.44	1.14	2.3	0.74	1.1	0.68	1.88	0.56
Policy-Related11	9.17	10.1	10.73	14.51	11.02	12.46	13.75	15.72	13.32	10.54	10.81	11.75	16.84	17.54	12.2	21.56	40.53	27.54	12.29	11.35	10.82	10.8	9.65	8.99	8.02	8.82	6.57	9.62	7.69	10.91	8.14	9.51	8.91	9.31	8.21	9.06	9.6
Fiscal Policy3	7.1	7.3	7.07	10.93	8.34	7.37	13.46	12.83	12.54	9.35	11.18	10.81	14.91	14.8	9.76	14.98	34.43	24.47	8.52	8.32	7.54	9.93	9.2	8.63	6.62	8.17	5.97	4.21	3.69	5.21	6.28	5.67	7.41	6.4	4.28	6.78	5.06
Taxes	5.6	6.54	6.12	9.67	7	6.15	10.27	11.61	9.29	7.12	7.58	9.4	12.6	12.54	7.99	12.24	30.8	19.62	6.66	5.92	5.54	8.77	6.95	6.86	4.89	6.18	3.92	3.12	4.03	3.96	3.23	4.07	5.55	4.86	3.25	4.89	3.93
Spending, Deficits, and Public Debt	0.37	0	0.38	1.68	0.67	0.53	1.83	1.22	3.02	3.05	3.03	1.18	1.8	1.44	0.44	2.53	2.99	8.02	1.07	0.92	0.44	1.75	1.31	0.44	0.79	0.88	0.75	0	0.67	0.18	0.76	1.42	0.37	0.22	0.86	1.13	1.69
Welfare Programs	2.99	2.11	1.34	2.73	1.67	2.63	2.51	2.65	2.32	1.63	1.52	3.29	4.11	4.11	2.44	5.27	8.34	6.96	1.6	3.33	3.1	1.17	2.82	3.1	1.58	2.87	1.87	1.56	0.67	1.44	2.28	1.59	1.48	1.99	1.71	1.88	0.7
Monetary Policy	4.48	5.57	3.25	2.31	3.84	6.85	5.25	6.72	6.97	3.66	5.3	6.11	7.2	5.34	3.77	5.7	14.76	10.13	2.93	3.51	5.1	6.04	5.45	9.29	8.04	5.3	3.92	4.68	5.7	5.21	4.37	6.02	4.81	5.08	5.99	6.96	6.04
Regulatory Policy9	4.48	6.15	7.07	7.99	6.5	7.02	7.07	9.37	9.06	6.91	7.58	5.17	9	9.04	5.33	6.75	14.76	12.87	8.26	6.84	8.65	7.99	6.2	5.53	4.89	5.96	7.46	3.59	4.03	7.91	5.33	6.2	4.81	5.08	4.11	4.89	4.64
Financial Regulation	2.24	0.77	2.29	1.47	1.33	2.28	0.68	1.22	1.86	0.61	2.84	1.65	2.06	2.47	1.55	1.69	2.35	2.53	1.07	0.92	1.11	0.78	1.88	0.44	1.58	1.1	2.05	1.25	1.17	3.42	1.9	1.59	0	3.09	0.86	1.88	1.55
Competition Policy	0.37	0.58	0	0	0	0	0	0	0.46	0.41	0	0	0	0.62	0	0	2.35	1.05	0	0	0	0.58	0.38	0	0.16	0	0	0	0	0.72	0	0.35	0.19	0	0.68	0.56	0
Intellectual Property Policy	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.43	0	0	0	0	0.19	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Labor Regulation	0	0.77	0.38	0.42	0.5	0	0	1.22	0	0.81	1.14	0	1.29	1.23	0.67	0.63	1.92	0.42	2.4	1.11	0.67	0.39	0.38	0.89	0.63	0	1.31	0.47	0	0.72	0.76	0.89	0.56	0	0	0	0.28
Immigration	0	0	0	0	0	0	0	0.81	0	0.41	0.38	0	0	0	1.11	0.63	2.35	0	0.8	0	0	0.19	0	0	0	0	0	0.31	0	0	0	0	0	0	0	0	0
Energy and Environmental Regulation	0	0	0	0	0.17	0	0.23	0	0	0.81	0	0.94	0	0.21	0	0.42	0.43	2.53	0.8	0	0	0.19	0.19	0	0.16	0	0.75	0	0	0.36	0	0	0	0	0	0	0
Litigation Reform and Supreme Court Rulings	0.56	0.58	0.96	1.68	1	1.23	3.2	3.67	2.09	2.03	0.76	1.41	1.54	1.23	0.44	1.48	2.99	1.69	2.4	1.29	0.44	1.17	0.56	0.89	0.47	0.44	1.49	0.31	0.5	0.72	1.14	1.06	0.56	0	0	0	0.28
Housing and Land Use Regulation	0	0.38	0	0	0.17	0.53	0.23	0	0.7	1.83	0	0.71	0	0.41	0.22	0.42	0.21	1.05	0	0.55	0.44	0	0.38	0	0	0.44	0	0.31	0.34	0	0	0	0	0	0	0	0
Other Regulations	0.37	0.38	0.76	0.84	0.33	0.18	0.23	0.41	0	0.81	0	1.18	1.29	0.82	0.89	1.69	2.78	4.22	2.13	0.74	0.44	0.19	0.19	0.44	0	0	0.37	0	0.5	0.36	0.38	0	0	0	0	0	0
National Security Policy	4.67	6.15	5.54	7.78	8.84	12.47	5.48	5.91	6.27	3.05	4.17	4.23	5.4	6.37	6.21	14.77	34.22	20.67	8.26	3.88	2.88	3.51	3	3.1	2.36	2.21	3.36	3.59	2.35	2.7	1.9	3.72	2.96	2.87	3.42	1.88	2.81
Government-Sponsored Housing Enterprises	0	0.77	0	0	0.33	0.7	0.46	1.22	0	1.02	0	0.47	0	0.21	0.22	0.42	1.28	0.42	0	0	0	0	0	0.66	0.32	0	0	0.31	0.34	0	0.19	0.35	0	0	0.17	0.38	0.42
Trade Policy	1.68	1.73	1.15	1.89	3.17	4.74	5.93	8.35	6.04	4.47	5.87	7.05	11.31	9.46	6.88	19.2	50.26	23.2	6.39	3.7	3.55	6.04	1.31	0.89	1.1	0	0	0.31	0.5	0	0.38	0	0	0.22	0.17	0	0
Healthcare Policy	1.31	1.35	0.38	1.47	1.33	0.88	1.37	2.65	1.63	1.83	0.95	2.12	1.29	2.26	1.55	5.27	5.56	7.38	2.13	1.85	0.89	0.78	1.69	1.55	0.79	0.44	1.12	0.31	0.5	1.08	1.71	0	0.74	1.77	1.03	1.13	0.42
Food and Drug Policy	0	0.38	0	0	0.17	0	0	0.41	0	0	0.19	0	0	0	0	1.05	0	0.63	0	0	0	0	0	0.66	0.32	0.66	0	0	0	0	0	0	0.37	0	0	0	0.14
Transportation, Infrastructure, and Public Services	0	0	0.57	0	0.5	0	0.91	0.2	0	0	0	0	0	0.41	0.89	0.42	0	2.11	2.13	0	0.67	0	0	0	0.16	0	0	0	0.34	0.54	0	0	0	0.44	0.34	0	0.14
Elections and Political Governance	0	0.38	0.38	0	0	0.35	0.46	0.61	0	0	0.38	0.47	0	0.21	0.67	1.05	1.92	1.05	0.8	0.55	0	2.14	2.07	1.99	1.73	1.99	1.49	0.78	2.01	0.72	0.76	1.24	0.74	0	0	0	0.28
Agriculture Policy	0	0	0	0.21	0	0	0	0.2	0.46	0	0	0.47	0	0	0.44	0	0.64	0	0.53	0.55	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Commodity Market	9.9	8.84	8.79	9.46	10.34	15.45	10.04	13.24	11.84	9.35	9.85	9.87	12.08	11.31	9.76	13.08	32.3	25.95	16.25	6.66	7.76	10.71	8.08	9.96	8.35	6.85	7.09	6.24	7.05	5.93	6.47	6.73	6.85	5.74	5.14	6.96	4.78
Oil Market	3.74	5.38	4.21	5.25	6.84	12.29	3.2	4.28	3.48	2.64	2.27	1.88	1.8	4.11	2.88	3.38	10.27	6.33	5.33	2.4	1.33	3.7	2.82	3.54	2.36	1.33	2.24	2.81	3.36	3.42	2.09	2.3	1.67	2.43	2.91	4.52	1.83
Financial Crisis	1.12	1.15	0.96	1.26	1.33	1.58	1.14	2.65	1.16	1.42	0.95	0.24	1.54	2.06	0.44	2.95	4.92	2.95	0.53	1.66	0.67	1.36	1.5	0.66	1.26	1.77	1.68	1.25	1.34	2.52	2.28	1.06	0.93	2.43	2.05	2.45	1.69
Exchange rate	0	0	0	0	0	0	0	0.41	0	0	0	0	0	0.21	0	0.63	1.5	0.42	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Infectious Diseases	3.18	3.65	2.68	5.04	5.34	3.86	3.88	6.31	4.64	4.27	5.3	4.47	6.43	5.14	5.77	9.71	17.97	9.7	6.66	4.81	6.21	5.45	6.38	7.52	4.57	5.74	6.16	4.05	4.86	3.6	5.14	9.38	6.48	2.87	6.16	5.46	5.34
Healthcare Issues	2.8	4.04	1.72	3.57	3.67	1.76	4.11	4.89	3.02	4.07	2.27	3.06	2.06	4.32	3.11	7.38	7.7	9.7	3.73	3.51	2.66	2.14	2.44	3.76	2.05	2.43	2.05	0.78	2.18	2.34	3.42	3.01	1.85	2.43	1.71	3.01	1.69
Litigation Issues	1.31	1.73	1.53	3.78	2	1.93	4.34	4.07	3.95	3.05	2.84	2.59	4.11	3.08	1.55	2.95	5.13	4.64	5.59	2.4	1.11	2.92	1.88	2.66	1.26	1.77	2.99	1.87	1.01	1.8	2.28	1.77	1.85	0.88	1.37	0.56	1.12
Competition Issues	0.75	1.15	0.38	0.63	0.83	0	0.68	0.2	2.09	0.41	0	1.41	0.77	1.03	0.44	0.63	3.64	2.74	1.07	0.92	0.44	0.97	0.94	0	1.42	0	0.75	0.62	0.34	0.72	0.38	0.35	0.74	0.22	0.68	0.56	0
Labor Disputes	1.12	1.92	2.29	1.26	1.5	4.04	0.23	2.24	2.79	0	0.19	0.47	1.54	1.44	1.33	0.84	4.06	2.53	0.27	0.37	0.22	0.97	1.5	0	0.16	0	0.19	0.62	0.5	0.72	0.38	0.89	1.3	0.44	0.51	1.51	0.56
Intellectual Property Issues	0.93	1.15	1.15	0.21	0.5	0	0.46	0.61	0	1.02	0.57	0	0	1.03	0	0	3.42	1.05	0	0	0.44	0.97	0.38	0	0.63	0.44	0	0	0.5	0.72	0.38	0.35	0.19	0	0.34	1.69	0.42

Latest reading

Stock Market Volatility (Total) stood at 20.55 in Aug 2026. That is −2.8% from Jul 2026 and −30.5% from a year earlier. The series on this page is monthly and runs from Jan 1985 to Aug 2026. Source: Economic Policy Uncertainty (Baker, Bloom & Davis).

Latest: 20.55; Aug 2026
vs previous period: −2.8%; Jul 2026
vs a year earlier: −30.5%

About this data

US equity market volatility drivers and categories from Baker, Bloom and Davis. This monthly dataset breaks down US stock market fluctuations across categories like macroeconomic news, monetary policy, and taxes since 1985. The index is constructed by counting newspaper articles discussing US stock market volatility and classifying them by their cited causes.

Frequently asked questions

What does the US Stock Market Volatility Drivers (EMV) table measure?: It measures the causes behind United States equity market fluctuations by tracking newspaper articles that discuss stock market volatility and classifying them by their cited drivers, such as monetary policy, inflation, or macroeconomic news.
How often is this data published and how far back does it go?: The United States Equity Market Volatility tracker is published monthly and historical series extend back to the first year 1985.
What specific categories of drivers are available in the table?: The dataset organizes drivers into macroeconomic news, policy-related categories like fiscal policy, taxes, monetary policy, and regulatory policy, alongside dedicated branches for commodities, labor markets, and real estate.
How does this differ from the standard VIX index?: While the VIX indicates the overall intensity of market anxiety, the United States Equity Market Volatility tracker identifies the specific economic and policy drivers causing that volatility.